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Manama, Jan. 23 (BNA): Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said the total oil investments in projects under construction during 2018 tops $6 billion, most notably the expansion project of Bahrain Refinery, noting expansion contracts between Bapco and Technip consortium will be signed at the end current month.

The minister said that in a press statement on the sidelines of the opening of the 2nd Middle East Refining Technology Conference, adding the expansion works would begin within a period of 48-50 months, and that the new refining capacity is expected to reach 400 thousand barrels.

He stated that more than 50% of the replacement and upgrading works of the 70-year old Bahraini-Saudi oil pipeline have been completed, noting the project is steadily moving according to the plan.

He expected the Bahraini-Saudi oil pipeline would be ready to run by the end of 2018, stressing the new oil pipeline would be buried underground far from residential areas, and that it would by monitored by security agencies.

He expected that the 2018 oil prices would exceed the current world price of $ 70 per barrel.